Medicare Insurance Brokers - Supplement & Advantage Made Easy

When it comes to finding the perfect Medicare coverage, it’s probably best to employ the help of an experienced professional, especially when it won’t cost you a sent. Here’s how Medicare insurance brokers can help you.
Meredith Miller
Published on
November 9, 2018
Updated on
January 22, 2024

If you’ve ever shopped around for health insurance, then you’re probably already familiar with how difficult the process can be. First of all, there are way too many plans and pricing options available to compare on your own, along with hundreds of foreign terms to make matters worse.

If you thought things were going to get easier once you become eligible for Medicare, you’d be wrong. If only there were experienced professionals who can help you find the perfect plan. Queue Medicare insurance brokers.

Who Are Medicare Insurance Brokers?

Medicare insurance brokers are experienced, licensed, and independent agents who help you find and enroll in the perfect Medicare plan. Unlike Medicare agents, who typically work for and offer plans from just one insurer, brokers are able to give you an unbiased opinion because they work with a wide variety of insurance companies.

Not just anyone can become a Medicare broker. There are series of intensive tests and exams that independent agents have to pass in order to get their license and begin helping individuals like yourself navigate the complex world of Medicare. So, not only are brokers professionals you can trust to give you an unbiased opinion, but they are often the most experienced when it comes to your needs.

How Brokers And Agents Get Paid

You’re probably thinking at this point, how in the world do Medicare insurance agents and brokers get paid? Well, they definitely aren’t volunteers, but you won’t have to pay a dime for their services, and here’s why.

Medicare brokers get paid the same way health insurance agents would, they receive a commission from the company whose policy they sell. The commission doesn’t add to your premiums or out-of-pocket expenses since it’s already factored into the insurer’s cost of business.

Medicare brokers get paid regardless of which plan or policy they enroll you in. So, unlike agents, they don’t have an agenda, and won’t try to push a Medicare plan on you that isn’t a good fit. At the end of the day, they only get paid when you’re happy.

Benefits Of Working With A Medicare Broker

Unless you have loads of free time on your hands, which not many of us do, and a plethora of knowledge about how Medicare works, it’s hard to deny the benefits of working with a broker. It’s also important to note the importance of your decision, because the plans and policies you choose (or don’t choose) today, can have a huge impact on your health and finances for the rest of your senior years. From saving time and money to choosing the right plan, here are some of the benefits of working with a Medicare insurance broker.

1. Knowledge And Experience

We’ve touched on this a few times already, but we can’t stress enough how important it is to work with someone who has vast knowledge and experience with Medicare. The federally run health care program is one of the most comprehensive health insurance programs available for seniors, and if you play your cards right, you may avoid paying out-of-pocket expenses entirely.

Most Americans will automatically be enrolled in Medicare Part A, and pay a small premium each month for Medicare Part B, the two different parts that makeup Original Medicare. While Original Medicare will cover the majority of your out-of-pocket costs, there are still a few gaps in coverage that can hit your pockets hard. Medicare brokers will work with you, learn your needs and budget, and find ways to supplement your Medicare coverage so you can focus on staying healthy in your senior years.

2. No Added Cost

We’ll say it again, one of the greatest benefits of working with a Medicare insurance broker is that it won’t cost you a thing. You don’t have to worry about forking over additional money for billable hours because it’s the Medicare providers that pay brokers their salary. It’s hard to beat free, especially when it means you will never have to worry about your healthcare costs again.

3. Multiple Plan Options

Working with a broker also means you’ll have the widest range of plans to choose from. Medicare brokers are typically contracted with multiple insurers, with some brokerage agencies carrying 30 or more companies for you to choose from. If you choose to work with a Medicare agent rather than a broker or enroll directly with an insurance company, you’ll be limited in your options.

3. Save Time And Money

There are some people out there who consider themselves savvy consumers, meaning they take the time to do their research when it comes to making big purchases. If you’re one of those people, then you have the option to either take on the shopping process yourself or go through a broker. Both valid options.

The problem is that even the savviest of consumers may not be able to fully learn the ins and outs of Medicare in a short period of time. There are laws, regulations, terminology, reviews, and general industry knowledge that will make finding the right plans easier and less time-consuming. So, why not leave it to an industry expert who has helped hundreds or thousands of individuals like yourself find coverage in a quick and efficient matter?

Medicare brokers and agents not only understand Medicare better than most, since they have to stay up to date on each and every change to the federally funded program, but they can know how to work the system to save you money. One of the biggest advantages of working with a Medicare broker is the time and money you’ll end up saving.

How To Choose Your Medicare Insurance Broker

Choosing the right Medicare broker is a process, but won’t be as difficult as you think. Medicare agents and brokers all have to pass the same test, and will all have similar industry knowledge. Although, some brokers may know more than others. So, when it comes to choosing to find the right broker there are a few key indicators that you want to look for.

First, you want to look at their experience. How long have they been in the industry? How many clients have they successfully found plans and policies for? As with most industries, in order for an independent Medicare agent to be successful for an extended period of time, they have to be good at what they do. You’re not going to find many brokers who make a living for decades without being a savvy professional. Some of the younger and inexperienced brokers may be good, but it’s up to you if you want to take that chance.

Next, you’ll want to do your homework. Whether you are choosing to go through a larger brokerage company or independent agent, chances are you won’t be the first. That means you can benefit from reviews, and see what others are saying about their experience. A quick search should tell you everything you need to know.

Medicare Advantage Brokers

Medicare Advantage brokers will typically specialize in exactly what it sounds like, finding you the perfect Medicare Advantage plan. These plans will take the place of your Original Medicare, and are actually sold through private Medicare insurance companies. Make sure to find an agent who is familiar with more than just a few plans and companies, because you’ll have to pay a monthly premium to stay covered, and each plan will cover different services. The last thing you want to do is limit your coverage.

Medicare Supplement Brokers

If you’re looking to enroll in a supplemental plan, a Medicare Supplement broker is going to be your best bet. There are currently 10 different Medicare Supplement plans to choose from, but each plan will offer the same coverage. Typically, they just cover the gaps left by Original Medicare.

Medicare Supplement brokers and agents should be extremely knowledgeable about what each plan offers, and should also understand your needs. Whoever you choose to work with, if the first questions out of their mouths aren’t about your healthcare needs and financial situation, then you may want to look somewhere else.

Medicare Part D Brokers

Medicare Part D brokers are the agents who will help you pick a prescription drug plan. These plans are sold independently from all other Medicare plans and are vital for anyone who currently takes, or will be taking medication in the future. Make sure to find a Medicare Part D broker who understands the ins and outs of the pharmaceutical company, and is knowledgeable about the different prescription plans on the market.

Finding Medicare Brokers Near Me

Most business today is done online, and that’s true for Medicare as well. There are tons of big Medicare agencies and brokerage companies that will be able to sell you completely legitimate plans over the phone, which is also incredibly convenient.

Still, the most popular question in Medicare is about finding a Medicare broker near me. There are some people, which may include you, that prefer to do business the old fashion way, face to face. So, if you’re looking for a broker or agent in your area, all you have to do is pull out the good old phone book, or run a simple search online.

Why FirstQuote Medicare Is You Best Choice

When it comes to finding a qualified Medicare broker or agent, FirstQuote Health has quickly made a name for itself as the best place to start your search. FirstQuote Medicare not only helps you find the best agents by you but even lets you compare Medicare quotes in your area. To get started, all you have to do is enter your zip code, answer a few basic questions, and in just minutes your search is completed. Get started, and get covered today.

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